Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of segment reporting information, by segment

Summarized financial information concerning reportable segments is shown in the following tables for the periods presented:


	Three Months Ended June 30, 2025
Millions of dollars	O&P– Americas		O&P– EAI		I&D		APS		Technology		Other		Total
Sales and other operating revenues:
Customers	$	1,851	$	2,537	$	2,244	$	913	$	113	$	—	$	7,658
Intersegment	526		167		31		4		24		(752)		—
	2,377		2,704		2,275		917		137		(752)		7,658
Less:
Cost of sales	2,108		2,575		2,048		807		82		(749)		6,871
Impairments	—		32		—		—		—		—		32
Income from equity investments	(4)		(3)		—		—		—		—		(7)

Other items	124		136		40		98		33		10		441
Add:
Depreciation and amortization expense	164		38		99		20		11		—		332
EBITDA	$	313	$	2	$	286	$	32	$	33	$	(13)	$	653

Capital expenditures	$	305	$	115	$	73	$	19	$	27	$	—	$	539


	Three Months Ended June 30, 2024
Millions of dollars	O&P– Americas		O&P– EAI		I&D		APS		Technology		Other		Total
Sales and other operating revenues:
Customers	$	2,188	$	2,659	$	2,751	$	943	$	137	$	—	$	8,678
Intersegment	738		183		44		5		22		(992)		—
	2,926		2,842		2,795		948		159		(992)		8,678
Less:
Cost of sales	2,297		2,693		2,344		844		57		(991)		7,244

Loss from equity investments	1		16		2		—		—		—		19
Gain on sale of business	—		—		(293)		—		—		—		(293)
Other items	110		117		51		86		28		6		398
Add:
Depreciation and amortization expense	152		54		103		22		10		—		341
EBITDA	$	670	$	70	$	794	$	40	$	84	$	(7)	$	1,651

Capital expenditures	$	174	$	107	$	150	$	25	$	20	$	2	$	478



	Six Months Ended June 30, 2025
Millions of dollars	O&P- Americas		O&P- EAI		I&D		APS		Technology		Other		Total
Sales and other operating revenues:
Customers	$	3,808	$	4,972	$	4,526	$	1,817	$	212	$	—	$	15,335
Intersegment	1,050		332		47		8		45		(1,482)		—
	4,858		5,304		4,573		1,825		257		(1,482)		15,335
Less:
Cost of sales	4,381		5,085		4,281		1,607		126		(1,481)		13,999
Impairments	—		32		—		—		—		—		32
(Income) loss from equity investments	(11)		3		—		—		—		—		(8)
Other items	243		242		110		180		67		13		855
Add:
Depreciation and amortization expense	319		77		198		40		21		—		655
EBITDA	$	564	$	19	$	380	$	78	$	85	$	(14)	$	1,112

Capital expenditures	$	521	$	239	$	164	$	49	$	49	$	—	$	1,022



	Six Months Ended June 30, 2024
Millions of dollars	O&P– Americas		O&P– EAI		I&D		APS		Technology		Other		Total
Sales and other operating revenues:
Customers	$	4,275	$	5,221	$	5,278	$	1,903	$	305	$	—	$	16,982
Intersegment	1,522		366		103		10		46		(2,047)		—
	5,797		5,587		5,381		1,913		351		(2,047)		16,982
Less:
Cost of sales	4,697		5,336		4,644		1,705		109		(2,047)		14,444
(Income) loss from equity investments	(8)		48		6		—		—		—		46
Gain on sale of business	—		—		(293)		—		—		—		(293)
Other items	220		225		121		175		61		15		817
Add:
Depreciation and amortization expense	303		106		203		42		21		—		675
EBITDA	$	1,191	$	84	$	1,106	$	75	$	202	$	(15)	$	2,643

Capital expenditures	$	355	$	194	$	292	$	48	$	44	$	3	$	936

Reconciliation of EBITDA to income (loss) from continuing operations before income taxes

A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented. Indirect SG&A expense reallocation to continuing operations represents corporate SG&A expenses that were previously allocated to the refining segment:


	Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars	2025		2024		2025		2024
EBITDA:
Total segment EBITDA	$	666	$	1,658	$	1,126	$	2,658
Other EBITDA	(13)		(7)		(14)		(15)
Less:
Depreciation and amortization expense	(332)		(341)		(655)		(675)
Interest expense	(118)		(120)		(225)		(247)
Indirect SG&A expense reallocation to continuing operations	—		(28)		—		(57)
Add:
Interest income	21		37		51		78
Income from continuing operations before income taxes	$	224	$	1,199	$	283	$	1,742